Housing.com has launched the ‘Pay Rent’ platform on its cellular app to facilitate lease transfers utilizing a Credit score Card. The ‘Pay Rent’ platform will permit customers to switch lease on to their landlord’s checking account and generate digital receipts immediately. Together with this, customers will stand up to four per cent in rewards factors and cash-back on their Credit score Card for utilizing their credit score restrict to switch lease.
After downloading the App, the tenant has to enter the owner identify, checking account quantity, IFSC code whereas the land lord’s PAN may be optionally offered.
The ‘Pay Rent’ product has already facilitated over 5,000+ transactions thus far by way of restricted invitations, most of them by way of a Credit score Card, and is focusing on round 300Okay transactions by the tip of FY21.
It needs to be famous that bank card utilization and well timed reimbursement can even enhance the credit score rating of the consumer, thereby serving to get credit score restrict enhancement. “Rent is probably one of the biggest expenses borne by individuals on a monthly basis. The COVID-19 pandemic has made people want to keep cash in hand due to economic uncertainty in the near future. Housing.com’s ‘Pay Rent’ platform will allow users to maintain their liquidity if needed over the next couple of months by using their credit cards for rent transfers as it allows flexibility in repayment,” says Dhruv Agarwala, Group CEO, Housing.com, Makaan.com & PropTiger.com.
By this platform, customers will be capable to make well timed lease funds with out utilizing cash, they usually may also go for EMI moratorium on their bank card for a number of months to tide them over any liquidity disaster within the present atmosphere. The lease switch facility might be accessible for all modes of digital funds together with UPI and debit card, for individuals who don’t want the credit score. The product is at the moment ‘app-only’ and might be launched on Housing.com’s web site within the close to future.